Jennifer Streaks is a financial and lifestyle expert, nationally-recognized for her knowledge of finance and affordable living. Jennifer focuses on helping individuals and businesses owners make wise financial decisions. With her extensive background in finance, she is an established columnist having written on financial matters for The Huffington Post, Motley Fool and Black Enterprise. She has also been a commentator on-air for many years. Her tips show consumers how to achieve an affordable lifestyle. Now she shares these same financial tips with small business owners.
(Photo courtesy of Jennifer Streaks)
What are the top five things small businesses can do to differentiate themselves in the marketplace?
- Make sure that you develop a business that solves a problem. That characteristic will immediately make your business different and wanted.
- In marketing, don’t try to do what everyone else is doing. Make sure your marketing plan is specific to your business and what you are offering. Explain the ‘why’ and let a potential customer know why they want your product or service.
- Know what you don’t know. I say this because I see a lot of small businesses try to do everything themselves, often times to save money, and end up making mistakes that cost them even more money.
- Be social media aware. This idea may seem like a no-brainer, but you would be surprised how many businesses have a website, and that’s it. In this social media climate, you have to have a social media presence. Whether it’s a Facebook page or tweeting out info about your business regularly.
- Know your market. For example, a colleague has a trademark and branding business. She expends a lot of money on advertising and attempting to build a branding business. It takes a while for her to realize that her clients are at step one and only need trademarking services, and that she does not have the resources to launch a full branding service. Take the time to do the research to see what your market needs and what you can actually offer.
This article was written by Michelle Guilbeau of Examiner.com for CBS Small Business Pulse.